According to a news release, the policy is open to editing from the ‘wisdom of the crowd’, turning the traditional way of crafting an insurance policy on its head. Because the policy is open source, it’s not copyrighted, which means the community can edit it on Github and all of Lemonade’s competitors have access to it, too. The policy is also written in English and is intended for US renters, but the company plans to expand it to cover other lines, languages, and legal jurisdictions.

“When we set out to create an unconflicted insurance company, we had to rethink the very business model of insurance,” commented Daniel Schreiber, Lemonade’s CEO and co-founder. “Today, we’re taking a run at its foundational document: the policy itself. Policy 2.0 reflects our determination to drag insurance into the 21st century, kicking and screaming if needs be.”

The goal is to make insurance “simple, fair, and approachable to everyone,” said Shai Wininger, Chief Lemonade Maker and co-founder in a release, adding, “As avid open source evangelists, we believe that bringing consumers and professionals together in an effort to co-create an insurance policy, will result in a better and fairer insurance product for the 21st century.”

Lot of words and no real details. I hardly think most of us within the insurance industry are qualified in the nuances of where a comma goes, how on earth do we rely on the wisdom of random people who hardly have a clue what insurance even does.

Late last week, parts of Southern Ontario and Quebec were impacted by powerful winds that caused destruction of property, power outages and even some fatalities, according to recent reports. Crawford & Company (Canada), Inc. has responded accordingly